Consumer Price Index Increases 0.3% in January; All-Item Index Up 3.1% Year-Over-Year

On Tuesday, the US Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in January on as seasonally adjusted basis, after rising 0.2% in December. Over the past 12 months, the all-item index has increased 3.1% before seasonal adjustment.

According to the BLS, the index for shelter continued to rise in January, up 0.6%, representing more than two thirds of the monthly all items increase. The food index increased 0.4%, as the food at home index increased 0.4% and the food away from home index increased 0.5% over the month. On the other hand, the energy index fell 0.9% over the month due in large part to the decline in the gasoline index.

The index for all items less food and energy increased 0.4% in January. Other indexes posting increases included shelter, motor vehicle insurance, and medical care. The index for used cars and trucks and the index for apparel were among those that declined.

The all-items index increased 3.1% for the 12 months ending in January, a smaller increase than the 3.4% increase for the 12-month period ending in December 2023. The all items less food and energy index rose 3.9% over the last 12 months, the same increase as December, after rising 4.0% for the 12 months ending in November. The energy index decreased 4.6% for the 12 months ending in January, while the food index increased 2.6%.